Three easy ways to send and receive money using your iPhone

Every now and then, you need to send cash to a buddy or ask for a bit of money to tide you over until that next paycheck. Thanks to several new and updated apps, its easy to do that straight from your iPhone, without needing to meet to exchange that $20 bill. Here are just a few of the ways you can use your iOS device to send money to friends or get somecash from them.

Square Cash

Square was founded in 2009 to allow regular Joes accept payments on their iPhones using a credit card reader that plugs into the headphones jack. Recently, the company unveiled Square Cash, to allow people to send cash for free. You set up the app, available for free on the App Store, and provide your Visa or MasterCard debit card number. Once thats done, you can send money to anybody using their mobile number or email address, and receive money just as easily. Square Cash is protected by 128-bit encryption and TouchID or a passcode.

Facebook Messenger

In March, Facebook made it official: you can now send and receive money at no cost from the Messenger app. Users just have to hit a small $ icon that now appears in Messenger, and type in the amount they want to transfer. Secure systems are used to encrypt the connection between you and Facebook, and you can add a PIN code or TouchID for an extra layer of protection. Just like Square Cash, you need a MasterCard or Visa debit card issued by a U.S. bank to send or receive money. The Facebook Messenger app, of course, is a free download on the App Store.

PayPal

Last, but certainly not least, is the venerable PayPal. Ebays payment processing company is probably the most well-known way to send and receive money, but it is certainly going to face some stiff competition in personal money exchanges from Facebook and Square Cash. PayPal charges a fee to receive money, unless that money is coming straight from the senders current balance. PayPal has its own app, which you can download for free on the App Store.

Whats your favorite way to send and receive money from friends? Let us know in the comments.